Smith Novelties manufactures frisbees that it sells to other companies for customizing with their own logos. Smith prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a frisbee is based on static budget volume of 72,500 frisbees per month: View the standard cost data. X View additional information Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. The direct materials cost variance is The direct materials efficiency variance is The direct labor cost variance is The direct labor efficiency variance is Variance Requirement 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. (Record de Begin by journalizing the purchase of direct materials, including the related variance. (Prepare a single compound iournal entry Accounts Debit Credit Now, journalize the usage of direct materials, including the related variance. (Prepare a single comp Accounts Debit Credit www Journalize the incurrance and assignment of direct labor costs, including the related variances. (Pre Accounts Debit Credit Additional Informatiion. Standard Cost Data Direct Materials (0.5 lbs @ $0.20 per pound) Direct Labor (4 minutes @ $0.13 per minute) Manufacturing Overhead: Variable (4 minutes @ $0.04 per minute) Fixed (4 minutes @ $0.16 per minute) Total cost per unit Print Actual cost and production information for June of the current year are as follows: a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 75,000 frisbees. c. Actual direct materials usage was 14,000 lbs. at an actual cost of $0.10 per lb. d. Actual direct labor usage was 201,000 minutes at a total cost of $34,170. e. Actual overhead cost was $2,010 variable and $38,790 fixed. f. Selling and administrative costs were $122,000. = Done X $ 0.16 0.64 $ 0.10 0.52 $ 0.80 1.42

Standard Cost Data Additional Information. f. Sefleg and atminatritie coste veip $172 opo